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5 Best Forex Brokers for EUR/USD Forex Trading

Alice

New member
The forex market is the largest financial trading market in the world. To improve your forex trading game in the most actively traded market on the globe, you have to find the right forex broker. Any EUR/USD forum, this being the most commonly traded currency pair, could give a few names of the “best” forex brokers for EUR/USD trading. But what makes these forex brokers the best?


There is not one but several factors at play here. The overall experience of a broker in the market, their range of product offerings, the trading platforms they use are all critical in deciding which EUR/USD forex broker is best for you. So, before we move on to the recommendations for the most competitive FX brokers, let's look at the key factors involved here.

Factors to consider when choosing a forex broker for EUR/USD trading


If you refer to any good EUR/USD forum for forex trading, you would surely come across these key factors to consider when comparing and choosing forex brokers.

Licenses and regulatory compliance


Any reputable forex broker has to be registered under a regulatory organisation and has a license to trade. In the U.S., for instance, a good broker has to be a member of the National Futures Association and registered with the Commodity Futures Trading Commission (CFTC). Similarly, other regions would have different authorising and regulatory bodies. EU and UK have some of the strictest regulations in forex trading. In any case, you must verify that the broker you choose is overseen by a top-tier regulatory body.

Some regulatory agencies in various countries include –
  • ASIC in Australia
  • Mifid and local regulators in the Eurozone
  • SEBI in India
  • FSA and JSDA in Japan
  • FINMA in Switzerland
  • FCA in the UK

Commissions and spreads of the broker


FX brokers' source of income is the spread they charge from the traders. The spread is the difference between the buying price and the selling price. A broker could work on a fixed spread where you already know how much you ought to pay to the broker, and that does not change. They could charge a variable spread where the spread amount changes with market volatility. Or they could charge a commission, which is a percentage of the spread that you need to pay. It is best to know how the broker charges and make your decision accordingly.

Currency pairs the broker offers


A broker can offer a number of different currency pairs to trade. Since EUR/USD is one of the most popular pairs, finding a broker that offers this currency pair should not be tough.

Trading platforms used


The trading platform is going to be the interface between you and the market. SO, it is important that your broker uses a reliable platform. A broker may offer you a choice of trading platforms to suit your trading needs. But even if they don’t, make sure that the platform they use has all the analysis tools to enter and exit trades conveniently. The user interface should be easy. There should also be customisation options, automated trading options, trading alerts, and more features. Talk to your broker to see what they offer in their software.

24/7 customer service


Since forex trading is a 24-hour market, it is important that your broker’s customer service is available at all times. Getting in touch with the broker should be easy. Get to know what kind of customer service the broker provides before deciding.

The best forex brokers offering EUR/USD trading


Here are some of the most reputed brokers you can consider choosing from:

CMC Markets


CMC Markets is a trusted forex broker that offers nearly 10,000 instruments for trading. It offers one of the widest ranges of currency pairs. CMC Markets is regulated by FCA (UK) and has excellent customer service. It uses the Next Generation trading platform. It also gives immense emphasis on research and is the best in class in this regard.

IG


IG is another globally renowned FX broker with an extensive range of offerings. It is regulated by both FCA (UK) and by CFTC, NFA (US). IG also puts a lot of emphasis on educating traders on forex trading as well as on research. It offers protection for EU and UK client accounts.

XTB



XTB is the perfect choice for low-cost trading as it has one of the lowest forex spreads. XTB offers excellent customer service and trading experience. It uses the xStation 5 trading platform.

Saxo Bank



Saxo Bank is a great broker for advanced traders who need to pay attention to research and can also afford to invest a minimum deposit of USD 10,000. Saxo Bank offers the best-in-class research in the industry. It has some excellent trading platforms, 40,000 instruments to trade, and outstanding customer service.

London Capital Group


London Capital Group is one of the major UK-based forex brokers. It is regulated by FCA (UK) and offers a wide range of assets for trading. It has very competitive pricing and offers incomparable customer service. LCG is a good option for forex trading beginners.

Conclusion

All EUR/USD forums would agree that the choice of a broker depends on a forex trader’s individual needs. These recommendations can help you arrive at a decision based on what you aim to achieve in your forex trading journey.
 
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